Properties Magazine October 2017 : Page 88

READY TO REJUVENATE Vintage Development Group’s $13 million project will incorporate a new grocery store (left) as well as offices for the City of Sandusky government (right). supported the project with loan and grant funds. Also critical were a New Markets Tax Credit allocation of $9.5 million from the Finance Fund (Columbus, Ohio) and an Ohio Preservation Tax Credit Award from the Ohio Development Services Agency in the amount of roughly $1.6 million. Rounding out the capital stack are PNC Bank, N.A. as the federal tax credit investor and lender, as well as Foss Ohio 2018 Fund as the state tax credit investor. Walter | Haver field represented Vintage Development Group in all aspects of this project. Our real estate and tax attorneys provided counsel on the development, financing and tax credit issues that are always present Our attorneys are ardent supporters of such projects and our clients who undertake them because these are the projects that consistently bring life into urban areas that would otherwise continue to suffer from lack of development and malaise. in these complex transactions. While the issues are difficult and complex, SINCE 1972 Façade Inspection | Tuckpointing/Caulking Pressure Washing | Brick & Stone Repair/Replacement 216.881.4142 | 4408 St. Clair Avenue | Cleveland, Ohio 44103 www.hmhrestoration.com 88 the bottom line is that such develop-ment projects would not occur without the equity that tax credits generate for such projects. Our attorneys are ardent supporters of such projects and our clients who under-take them because these are the projects that consistently bring life into urban areas that would otherwise con-tinue to suffer from lack of development and malaise. The NMTC program is always interested in bringing grocers to food deserts, but we would suggest that bringing developers to a “development desert” is also as worthy a cause to promote. Getting a twinned NMTC/HTC tax credit deal completed i n Sa ndu sk y is something of a milestone and rep-resents an intentional focus on a wonderful Ohio city outside the tra-ditional 3C/I-71 corridor. It is a true cause for celebration. Congratulations to Vintage Development Group and to the City of Sandusky. P Jack Waldeck is chair of the real estate practice group of Cleveland-based Walter | Haverfield. For more information, visit www.walterhav.com. Properties | October 2017 Photos courtesy of Vintage Development Group